Core Viewpoint - The first batch of three Sci-Tech Innovation Board growth stocks was listed on October 28, with multiple ETFs that participated in the allocation issuing risk warnings regarding potential discrepancies between the ETFs' net asset values and the market prices of the newly listed stocks [1][2][4]. Group 1: Listing and ETF Participation - The first three registered companies on the Sci-Tech Innovation Board, He Yuan Bio, Xi'an Yicai, and Bibet, officially listed on October 28 [2]. - Several ETFs, including those managed by Huaxia Fund, participated in the online and offline allocation of the first batch of growth stocks [2][6]. - The ETFs' indicative net asset value (IOPV) on the listing day only reflects the issue price of the growth stocks and does not account for market price fluctuations, leading to potential discrepancies [1][4]. Group 2: Allocation Results - Over 100 ETFs and their linked funds participated in the offline allocation, with A-class investors receiving significantly higher allocation ratios compared to B-class investors [5][7]. - The allocation ratios for A1, A2, A3, and B-class investors were 0.081%, 0.027%, 0.009%, and 0.0089%, respectively [5]. - The allocation amounts for individual stocks were limited, with none exceeding 0.1% of the ETFs' net asset values [7]. Group 3: Specific Allocation Data - Specific allocation data for the stocks included: - Bibet: Issued at 17.78 CNY, allocated 6,971 shares, totaling approximately 123,944.38 CNY, representing 0.0025% of the fund's net value [8]. - He Yuan Bio: Issued at 29.06 CNY, allocated 7,842 shares, totaling approximately 227,888.52 CNY, representing 0.0046% of the fund's net value [9]. - Xi'an Yicai: Issued at 8.62 CNY, allocated 32,866 shares, totaling approximately 283,304.92 CNY, representing 0.0057% of the fund's net value [9].

Group 1 - Investors face arbitrage risks when participating in ETF investments due to market trading mechanisms and technical constraints, which can delay the completion of arbitrage [1] - Operational or technical risks may arise from system failures affecting normal trading processes, including errors in subscription and redemption lists or incorrect calculation of the indicative optimized portfolio value (IOPV) [1] - There is a delisting risk if an ETF no longer meets the listing requirements of the stock exchange or is terminated early by a resolution from fund shareholders [1] Group 2 - Investors should clarify their investment needs, including goals, plans, and the market or industry themes they wish to target, as ETFs primarily track the performance of underlying indices through full replication [2] - It is essential for investors to fully understand the risks associated with ETF investments by reviewing the "Risk Disclosure" section in the fund's prospectus [2] - Attention should be paid to the liquidity and tracking effectiveness of ETFs, with a preference for larger, more liquid ETFs that exhibit lower tracking errors [2]

Group 1 - The main risks faced by investors in ETF investments include deviations between the returns of the underlying index and the average returns of the stock market [1] - The volatility of the underlying index can lead to fluctuations in the prices of constituent stocks, affecting the fund's price and net asset value [1] - Tracking error may not meet the agreed targets due to various factors, causing discrepancies between the fund's market performance and its benchmark [1] - Liquidity risks may arise in the secondary market due to insufficient trading volume, impacting the ability to buy or sell ETFs [1] - There is a risk of significant deviation between the trading price of ETF shares in the secondary market and the fund's unit net value, influenced by supply and demand dynamics [1]

当ETF不再符合证券交易所上市条件被终止上市，或经由基金份额持有人大会决议提前终止上市等情 形，将出现基金份额不能继续进行二级市场交易的风险。 综上所述，投资者参与ETF投资需要注意以下事项：一是明确投资需求，包括投资目标、计划与投资的 市场或行业主题标的。ETF主要采用完全复制法跟踪标的指数表现，投资者可通过查阅基金招募说明书 中标的指数编制方案或指数公司网站查询指数信息等方式，了解跟踪指数的具体信息。二是充分了解 ETF投资风险。投资者可通过查阅基金招募说明书"风险揭示"章节相关内容了解基金主要风险。三是关 注ETF的流动性和跟踪效果，尽可能选择规模较大、流动性较好、跟踪误差较小的ETF。 （7）操作或技术风险 在ETF的申购赎回与交易行为以及后台运作中，可能由于技术系统故障等原因影响交易的正常进行，或 者导致投资者利益受到影响，包括申购赎回清单差错风险、参考净值（IOPV）计算错误风险等。 （8）退市风险 投资者参与ETF投资时还面临以下风险： （6）套利风险 受证券市场的交易机制和技术约束，投资者完成套利需要一定的时间，因此存在一定的套利风险。而由 于买卖一篮子股票和ETF存在冲击成本和交易成本，当折 ...

Group 1 - The core viewpoint of the articles highlights the various risks associated with ETF investments, including deviations in returns, volatility, tracking errors, and liquidity issues [1][2]. Group 2 - Risk of deviation between the returns of the underlying index and the average returns of the stock market, as the index may not fully represent the entire market [1]. - Risk of volatility in the underlying index due to factors such as economic development and company performance, which can affect the fund's price and net asset value [1]. - Risk of not achieving the agreed target for tracking error, influenced by factors like sampling replication, corporate actions, and market conditions [1]. - Liquidity risk in the secondary market, where insufficient trading volume may lead to challenges in buying or selling ETFs [1]. - Risk of significant deviation between the trading price of ETF shares in the secondary market and the fund's net asset value, influenced by supply and demand dynamics [2].